Farm Horizons, November 2009 |
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Comparing family living expensesBy Myron Oftedahl This winter during closeout, one of my farmers gave me a copy of an article that documented family living expenses for Iowa farm families in 1999. I am assuming that Iowa farm families are similar to Minnesota farm families and used the 2008 analysis numbers for the average farm family. Family living expenses for 345 farms were used for the 2008 analysis, and omitting expenses for income taxes, capital purchases, and other investments, I show $54,566 spent on family living for a family of 3.3 people in 2008, and $58,002 for 1999. Now, you could argue that I am not making an equal comparison and I will agree, because I do not know for sure what went into each heading for 1999. But, I also believe that we can take this for what it is a place to begin some comparisons. The averages mean nothing to your farming operation. Your actual numbers and percentages are what are important. This allows you to look at other family living expenses and see how yours compares.
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